Market demand curves are found by
A. vertically summing individual demand curves.
B. horizontally summing individual demand curves.
C. summing individual demand curves in a parallel fashion.
D. adding the slopes of individual demand curves.
Answer: B
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Stage III of the short-run Production Function is
A) the most efficient mix of inputs. B) the least costly level of output. C) where additional units of variable inputs will lead to less output. D) where additional units of variable inputs will lead to more output.
In the figure above, which of the following points indicates the efficient use of resources? A) a B) f C) g D) h
What is the difference between a shortage and scarcity?
A) Scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level. B) Scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages. C) A surplus will exist when a good is scarce; a shortage merely implies that there isn't as much of something as people would like, which is nearly always the case. D) There is no distinction between the two. They are the same thing.
Refer to the graph below showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed does diminishing marginal returns set in?
A. A
B. B
C. C
D. D